BECFD Review - is it scam or safe?

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Trading Accounts & Conditions

Account type

Minimum deposit

Minimum trade size

Max leverage

Average spread

Standard

Undisclosed

0.01

1:200

3.0 pips

We could not get information about different account types on BECFD’s website, so we will assume that it offers a single account type. This account is commission-free, with leverage up to 1:200, and fixed spreads.

BECFD’s website, which is not very informative regarding the broker’s trading conditions, is available in English, German, Italian and Russian.

The Company. Security of Funds

Company

Country

Regulation

BECFD Limited

Marshall Islands

N/A

BECFD claims to be a pure STP broker, but it most likely is not, considering that it offers fixed spreads. Otherwise, judging by the information on its website, BECFD seems to offer wide range of financial instruments for trade, including many forex pairs, and CFDs on indices, commodities and stocks.

The brand is operated by a company registered in the Marshall Islands, an offshore zone when brokers are in fact not regulated, nor supervised.

We keep reiterating that doing business with offshore brokers is not recommended, as clients have no protection, if something goes wrong. Such brokers can manipulate trading platforms and do whatever they like with your money actually, and there is not much you can do about it. Many of these companies are pure scams, and BECFD may be one of them. It does not offer demo accounts and much of the relevant information about its trading conditions is missing, which raises a red flag.

Trading conditions

Minimum initial deposit

BECFD has not specified what is the minimum investment it requires by investors. Most brokers demand $100-$250, and some, like easyMarkets, even less. You can open an account with the letter by depositing just 5 bucks.

Spreads and Commission

According to the live price feeds on the broker’s website, the spread on EUR/USD is fixed at 3 pips, which is a very high value.

BECFD offers leverage up to 1:200, which is an average ratio. If you are willing to take the risk to use higher leverage levels, a number of brokers offer leverage of 1:500 or even higher. However, make sure you are aware of the dangers margin trading involves – high leverage may multiply both your profits and your losses.

Trading Platform

Like most forex brokers, BECFD offers MetaTrader4 (MT4), however we could not download and test it, although we opted for a demo account.

Although it was launched more than 10 years ago, it seems that MT4 is still the traders’ favorite platform. This is probably due to its ease of use, top-notch charting and wide range of indicators, Expert Advisors (EAs) and the option to create such of your own.

Besides, MT4 offers many risk management tools including stop loss, take profit and order entry, as well as embedded tick charts, alerts and signals. It also allows you to easily manage multiple open positions and switch instantly between assets and markets.

Methods of Payment

Conclusion

BECFD is a forex broker supporting the MT4 platform whose website is not very informative. In our view the main concern with this broker is the fact that it is registered offshore and that it might be a scam, as relevant trading information is not available on its website and also it does not offer demo accounts. Besides, its spreads are too wide. Here are, in a nutshell, the pros and cons with regards to this broker:

FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.

Deposit/Withdraw

Customer service

Summary

Traders` reviews for BECFD

BECFD contacted me by phone and they offered to "educate" me on how to trade. A broker sent me messages by skype saying he was willing to teach me how to trade. I opened an account, I tried to learn something there, there is a section "ebooks" and "videos", but the links are broken, so there is nothing to help you learn what to do there. As soon as I deposited $500, the broker, David Bright or whatever name he has, vanished. He didn't reply to my message when I asked him what was the next step. So, I decided to withdraw my money. They cancelled my request, motivating that I needed to have a verbal agreement with the account manager. Of course, I wrote them an email, I told them that talking to an account manager doesn't make sense to me since the only thing I need is to get the amount I deposited there back.
I am not going to stop here.
First, I will get my bank request a chargeback.
This is my story so far.

I deposited my money with them since last year but withdrawing it has become a big problem. I had to get a law firm involved before getting 80% of the money. I requested for the remaining 20% and to close my account. I have had more than five contact from different BECFD employees/criminals.

The next time I write them, I think they will change their website because I will use unprintable words. All decent people should please excuse me for that, just an apology in advance!

Pushy Brokers
Ernest Seadon
Today, 10:58 a.m.
You
I smell a scam when the brokers are so pushy that they do not say no and insist on using Any-desk to gain access to your computer Late at night (Near Midnight) and then proceeded to transfer money from different accounts When they realized that there was not enough in the account for US$ 250.00 then set up an overdraft of NZ$ 400.00 then took the lot (US$ 600.00.) Leaving me over the weekend and part of the next week with no money for food or pay the bills. Then they tried the following week to increase my overdraft. I am elderly and very venerable, plus not very well. (Luckily the bank put up a red flag and returned my money.) Beware of this firm and others like it

I invested in BECFD 6 months back. Broker told me he will trade and do everything i do not need to worry , He said he will put on long trading. Now i cannot contact them, they are cheater. PlEASE DO NOT PUT MONEY WITH THIS COMPANY.

The method that they are working on is not good, they will put you in the business to make more money. Because they go to your bank account and they fill in with the saying that you get more profits and then you get nothing back. So then your money is simply lost and that is not about 250 euros but about a lot more money. I now have the biggest problems with it

How can such activities be allowed? They ask and ask for more money to invest. They themselves open positions through Any Desk.com, and the acount is consumed or threatened, and then they ask for money. As I managed to raise the balance by over 45,000 euros, I would like to ask them to pay them back because they gave me credit so that they would not burn the acount because they made a bad position and ended up burning. I do not get any money where I invest 4500 euro. They require 2000 euros to be unblocked and get paid for a portion of the money. I do not believe it. How do I get my money?

I deposited 1000 euros with BECFD in December 2017 and was on the verge to deposit another 4000 euros in February when a colleague advised me to put them to test. I did by requesting a withdrawal of part of my money on the 23rd January 2017. Since then, I have had five withdrawals rejected, spoken to more than five different workers there, Sarah, Holly, Mohamed etc. I guess they all go by pen names. I have resolved to pursue them in any form because I must get my money back or they go out of business completely. Please be careful in doing business with them.

Thay dont let you withdraw your money i waiting already 2 weeks and there written that in 2 -5 days you can withdraw, when you have 4 day broker calling you and if you dont want trade with him he canceling your withdrew with no reason....dont put money cheaters scammers!!!!

They pester you like lice and when they get your money they finish off with you .You cannot contact them because they block all their lines you cannot get your money back. It is a scam.
They are in Montenegro but route their phone through Switzerland. They tell you they are British with English name but with East European accent. AVOID THEM

I had opened an account with becfd few months back. Before I had opened the account with them they had promised me all support and training. I opened an account with £500 As soon the account was opened I was shown that if I can add more money I could make fortune with bitcoin. As i had no money I requested them to trade oil and currencies. One trade was made and they showed me a profit of £36. I was not introduced to the platform I could not trade on my own the broker refused to help me unless I put in more money. I asked the co. that if they could not help me they should refund my deposit but despite my repeated requests refund has not been issued.I need advice, please.

I invested and my broker told me again and again how much money I made and that I should invest higher. When i asked him to close my account and pay whatever money there is now, he never spoke to me again. I tried to contact the helpline, him by mail, someone by phone - nobody ever reacted anymore. Now they did something so my balance is zero. I invested, the market rose - but still all my money is gone and nobody reacts anymore. This is extremely scam!!!

I deposited amount of 1500 usd to becfd and let the account manager trade for me using any desk.com because I don’t know How to trade, I don’t have any background in trading. After that it’s difficult for me to contact him, and when he contacted me only when he wants to ask me for additional deposit again for some reasons, and the ending part no profit and almost if my investment was gone and only 200usd was left and I contacted becfd to withdraw the remaining money it cannot be contacted. Account manager only wants the depositors that there money to get wasted and money cannot be withdrawn.. scammer...

I initially paid € 600, was asked to deposit more money. Paid another 3000, then again 3000, after which the money was lost. In order for me to have a chance to rescue, I had to deposit 3000 again. Now I'm waiting for new numbers, I have communicated, if no success, to dissolve account.
The whole thing is very opaque and risky. One could have doubts whether this is not fraud.

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